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Non-bank lender, Australian First Mortgage has announced two new promotions across its Ultimate and Alternate product range – a no loan protection fee deal and a cashback offer.

AFM will eliminate the loan protection fee for prime loans up to 85% LVR on its Alternate Prime and Alternate Prime Plus products.

Consumers can also receive $1,000 cash back for new near-prime and specialist loans with an LVR of 85% or less on its Ultimate and Alternate products. The money will be deposited into the borrower’s loan account following settlement.

AFM national sales manager, Paul Grant says the no LPF promotion could potentially save home buyers thousands of dollars, while the cash back offer will be a nice boost for loan repayments.

“AFM always prides itself on being innovative with its product offering and listening to the needs of the market.

“We are confident this promotion will be welcomed by mortgage brokers and clients alike,” said Grant.

The no LPF promotion is effective from 8 September 2014 for a limited time only. The cash back promotion will run between 8 September and 17 October 2014, and new applications will need to settle before 30 December 2014.